According to recent industry reports, approximately 4.2 million people, or about 15% of the population, now live in strata properties-a 200,000 increase since 2022. This trend highlights the shift towards higher-density living, driven by factors such as urbanisation, housing affordability, and lifestyle preferences.
State-wise, New South Wales accounts for $486 billion of the total insured value, Victoria $471 billion, Queensland $245 billion, and Western Australia $112 billion, with the remaining states and territories contributing to the balance. Notably, nearly half of all strata buildings are more than 25 years old, indicating a growing need for maintenance and upgrades to ensure their longevity and safety.
The Strata Community Association, in collaboration with the University of NSW City Futures Research Centre, emphasises the importance of building quality improvements, insurance protections, and stronger regulatory standards to support the sustainability of strata living. As strata becomes a way of life for millions, ensuring effective management and governance is crucial to maintaining the sector's viability and appeal.
For strata property owners, investors, and managers, staying informed about industry trends and participating in ongoing education and governance initiatives will be key to navigating the evolving landscape of strata living in Australia.
